Pain as the krona virus has led to massive layoffs and struggling businesses whats the plan for recovery we have expert analysis on hand to break it all down we have a packed show today so lets go and dive right in. And there are Big Questions surrounding badly needed medical supplies and facemask that are currently sitting in warehouses in china the u. S. State department claims that u. S. Bound face masks test kits and other medical equipment urgently needed to fight the corona virus is not leaving china thanks to new chinese export restrictions those supplies are supposed to either already be here in the United States or at least should be on their way and yet they are not according to the wall street Journal Health care equipment maker perkin elmer ank based in massachusetts is an able to ship 1400000 test kits for cope with 1000 the disease caused by the new corona virus from their sous out factory because it lacks certification required by the new rules and then there is 3 m. Corporation based in minnesota which says that its and 95. 00 respirator masks are stuck in shanghai the claim from 3 m. Is that a shanghai vice mayor has told the company that lifting restrictions on distribution of Companies Mass would require instructions from beijing directly joining us now to break this all down and boom bust cohost and investigative journalist ben swan so ben explain what these new restrictions are that are creating such a backlog of supplies. Yeah the brand is actually a couple of things that are happening 1st of all the chinas National MedicalProducts Association and ministration excuse me is telling essentially companies that they cannot sin products medical products to the United States without a going through a certain level of checks and then double checks by that administration and essentially theyre saying you know everything has to be halted until it can be checked and then on friday Something Else happened china added another hurdle and what they did was he subjected certain kinds of medical equipment like protective gear and equipment like that and that by the way includes ventilators and it includes masks to have extra checks done on them before they can be shipped now you know chinas doing this in part because theyre stuck between a rock and a hard place because theres a lot of criticism right now about the products coming from china but at the same time it is severely limiting the number of products and the kind of products that are getting back to the u. S. At a moment when the u. S. Needs them so badly and its interesting because these are held up by actual companies who are ordering them from factories there so its different than just you know humanitarian aid thats coming from china now ben without question some in the media and in politics are going to say that china is flexing here or even punishing the u. S. Maybe because of the trade war do we know if any of that is true and why isnt china cutting through this red tape to move product as quickly as possible to get them here right well as i mentioned you know china is kind of in a tough position here because they have been getting a lot of criticism over products and whether or not theyre going to be safe and properly distributed now part of it could be that china is getting angry about all the talk that they are responsible for the coronavirus as well as having not released information in a timely manner theres a lot of criticism as you know coming from parts of the u. S. Government from politicians so they might be responding to some of that as well but consider this and i think theres a bigger issue here which is that this is an issue of the u. S. Being so dependent on china for these kinds of products that were really stuck in a terrible position here about 40 percent of all the products in the world for medical supplies that are needed right now are coming from. China which means without china the rest of the world is kind of stuck without this stuff and so when you create such dependency on another nation it really leaves you in a bad position when this kind of thing happens when to add to your point exactly were seeing you know as they tried to retool auto manufacturing plants to make ventilators and things like that you can see exactly that our dependence on china we didnt make any of that here in the United States when we so importantly needed at the time now i want to go over a little bit of the data here a new set of analysis by Public Citizens global trade watch shows that during january and february of this year the u. S. Shipped a huge numbers of facemask and medical supplies to china rather than keeping them here why is that a problem in your eyes. Well i think its a huge problem for a couple of reasons and well get to more that in a 2nd but can we take a look at the numbers i know that we have a graph over there and essentially what Public Citizen is saying is this is that in 2019 if you look at the numbers between january and february the u. S. Export it to china about 947000. 00 and thats worth a ventilators and masks medical equipment that was sent to china about 947000 a year later in 2020 january to february kind of at the height of this covert 19 pandemic specifically for china u. S. Companies export that doesnt mean this was a dissent from the United States these are u. S. Companies selling to china about 13 and a half 1000000. 00 worth of items that is a year to year increase of about 1315 percent 1315 percent increase year over year and again this is not 8 being sent to the from the u. S. Government these are private companies so it raises a huge question why in the world if china is the country that makes everything would we be selling items in the United States to china because when it hits here all of a sudden we dont have the ability to make any of the stuff ourselves or i mean. That the whole point here in part because the United States cannot make or get the critical goods people need what do we know about this analysis that were seeing here quickly yeah very quickly i mean thats essentially what it shows is it shows us that the u. S. Was left vulnerable that in a moment and by the way the u. S. Government encourage companies to do this that in a moment when we saw this thing coming we knew it was hitting china and other countries and we also know that we dont have the ability to create any of these things on our own we cant make going to letters on our own we cant make masks on our own its all made in china we sold these items to china so those companies could make a whole lot of profit and then turned around and said oh no were stuck and now the state department complains and says what china will send us our stuff but its in china instead of being here absolutely boom bust cohost investigative journalist ben swan thank you so much for your time today this. And some of the worlds economies are now looking at reopening as the coronavirus curve flattens wild japan just recently declared a nationwide state of emergency due to the virus so lets take another global look at the spread of the corona virus with r. T. Correspondent sorry to have endured so whats happening today so brand globally rich surprise to a 1000000 infections with over 145000 people dead and now the u. S. Accounts 4670000 of those infections and over 35000. 00 of those thats the highest in the world then over to europe thats going on over to europe right now we have over a 1000000 confirmed cases with over 91000 thats and then over to asia and the middle east where the numbers are just climbing were up almost 345000 deaths or 12000 and then we go to south america which is also increasing like the rest of the world would over 67000. 00 cases and 3000. 00 thats and weve had lots of recovery there were 25000. 00 recovered and then finally over to our effort where the numbers are not that high which is very good for the for african continent now President Trump is suggesting new data shows that the u. S. Has actually passed a peak a new infections and said he would announce new guidelines for reopening the economy but take a look at this chart which actually does not appear that its that its flattening it actually the peak has not been reached because as you see its just going up and because you know just in the last 24 hours weve had 21000 infections so in no way does this trend actually show that its widening and instead as you see is just going higher and higher brant. Can you break down for us which industries are being hurt most globe. When it comes to the court of law so i hear the industry is suffering the biggest job losses so amongst our heart is hit of the economy is the Service Industry right there is payrolls and declining by 459000 jobs so those are who tells the lodging businesses bars restaurants all called jobs and then which is followed by health care and social assistance so think of daycare or think of Family Services dentists private physicians all have over 61000 jobs over to professional and Business Services so now we have our consultants our engineers our lawyers and now over to a trade which is obviously called jobs because you know with so much unemployment obviously nobody is shopping and all the stores are closed so of course they would cut a lot of jobs was over 46000. 00 jobs then over to construction followed by manufacturing and then to mining transportation and finally financial activities so this really explains why millions of americans have lost their jobs and thousands of businesses forced to close their doors and right now roughly 22000000 americans are seeking some sort of unemployment benefit and this figure is actually a lot higher because many people actually apply for unemployment up turned down and dont actually havent received any checks plus in most states the selfemployed and freelance workers arent even yet able to file for application of unemployment under the new rules and acted by the federal governments 2. 00 trillion Economic Relief package so even though right now one in 7 workers have lost their job but that figure is in fact a lot higher and some economists are actually saying that unemployment could reach as high as 20 percent by the end of april which would be the highest rate since the depression and by comparison unemployment never topped 10 percent even during the Great Recession brunt correspondent sarcoma thank you for that excellent report. And a reminder you can always find the latest news and information regarding the coronavirus on portable t. V. s kroto virus tracker and equity markets here in the u. S. Closed up after a mixed day and just squeaked it out at the end there so listen to whats going on with boom bust cohost Christine Chrissy thank you so much for joining us today whats going on with the market here on thursday. So were getting more data points such as manufacturing numbers we kill sales and earnings and looks like right now the reality is worse than expectations the market struggled all day and trade down for most of the session on the s. And p. Endowed with an aspect managed to eke out some gains and let the market into the green in the final hour of trading after amazon and netflix reached record levels walmart also rose to new all time high thursday as the retailer continues to benefit from the hoarding of consumer staple now the Labor Department also amount to over 5200000 americans filed for Unemployment Benefits last week which is worse than expectations a 5000000. 00 now bring the total number of job losses to 22000000. 00 americans unemployment going to be a huge factor that can quickly rage out of control as this brings in less income in Discretionary Spending now less income and less spending and consumption means that businesses face lower demand and less profit which then leads to more layoffs and that is a vicious cycle and in the u. S. Consumer spending accounts for more than 2 thirds of the total u. S. Economic activity and thats really what drove the s. And p. Rally last year during the Holiday Season when everything was up on the back of strong u. S. Consumer spend we dont have that anymore thats on there now kristie tech names as you just mentioned seem to be doing better as they seem to be relatively unaffected business continues to operate as normal for amazon and netflix and in fact netflix now is exceeded disney they have their one Business Model and theyve exceeded business disney which is a brand here in the u. S. Thats been around forever almost so are we going to see those fangs stocks rise to dominance again and continue to have that push. Well netflix and amazon certainly as netflix has gained more users streaming hours are up as people stay home and amazon is also experiencing a surge and deliveries and new customers signing up now for groceries but the other 2 names facebook and google could have different stories facebook and google are fundamentally giant ad platforms their girls depend on increases in ads that may not how big their user base is grow so with businesses at a standstill are trying to conserve cash and runway marketing and advertising budget is going to be the 1st to get slashed sectors such as travel hotels names like expedia for instance now they spend over 5000000000. 00 a year on advertising the c. E. O. Just came on and announced that now they probably wont even spend 1000000000. 00 on ads this year and now in the latest survey by Interactive Advertising bureau nearly a quarter of the 400. 00 Media Planners responded that they have paused all ad spend for the rest of 1st and 2nd quarters so this could have a devastating impact for tech names who rely on ads and names such as Facebook Google linked in and twitter robust post kristie i were going to talk a little bit about reopening the economy a little bit after the break here so thank you so much just hang around for a few minutes here. And time now for a quick pause but because well be right back in a flash and as we go to break here are the numbers at the close. The so. Market which i think is a great market to give an indication of where prices are weather heading the fact that. Auction houses has gone up dramatically over the past 10 or 1520 years spectacularly so its not reflected in the price of bread until it hits and now its starting to be that way so that inflation that we saw in the High End Products is down going to end up being in the staples like wheat bread food chicken i just saw somebody post a image of a chicken for sale somewhere that price was up 100 percent. Thinking of getting a new phone the ones we got in here shows no problem was he didnt know until he was trapped in this tiny little wired coach were going to need a crate with him he will stir reaching out into the wall when its pretty much anywhere near and thousands of breeding dogs are caged in the in human conditions on puppy phone i mean 67 years you know theyve been locked up in cages outside you see no protection from the weather the heat you know the cold air the rain the snow the funder nothing they have no protection. Because you know you. Get to kids. Across the u. S. Cruel puppy mills are supported by dog shows on pet stores most of the puppies that are coming from these large Scale Factory farming kind of operations are being sold in stores even joined a Group Businesses are involved like agoa mom son to there has been a shocking amount of the organizing opposition to adverts to increase the standards of care for dogs bred in commercial rating for so many most of that opposition is coming from huge agricultural groups and industries that have nothing to do with jobs dont buy dog. And welcome back more than 5000000 americans filed for Unemployment Benefits for the 1st or for the week ending april 10th according to new data from the u. S. The department of labor something we just mentioned there and as we mentioned earlier more than 22000000 americans have filed for benefits over the last 4 weeks since stay at home orders an essential lockdowns were placed throughout the country now the pandemic has essentially brought most sectors of the economy in the u. S. And throughout the world to a complete standstill retail sales for march fell by 8. 7 percent from the month earlier cording to the Commerce Department the biggest month over month decline since they even started keeping those records in 1902 the Federal Reserve is reporting that Industrial Production fell by 5. 4 percent in march the biggest drop since 1906 and manufacturing output lost 6. 3 percent month over month the biggest drop since the end of the 2nd world war and while the hope is reopening economies worldwide will mitigate the Economic Impact of these lockdowns organizations like the i. M. F. And un and multiple others have said this is the worst economic crisis since the Great Depression so lets dive into expert analysis with tobin smith c. E. O. Of transformative reach search and lets bring back to bus cohost christy i want to start with you over the last month youve been on this show sounding the alarm that this economic downturn is not due to the coronavirus is there any way that we can actually restart this economy and its going to make up for these dismal metrics that i just laid out right there for you on the table. Well 1st. Lets bear in mind that up until about 8 days ago we were in a freefall and then the fed put the United States on its back and it really put the world on its back and it basically said the world is too big to fail so theres been a dramatic difference and that dramatic difference is is its not only just liquidi